Get Ready for Cheap Money 'Run Amok': Rogers

Investors should prepare for rising prices and more expansionary monetary policy now that President Barack Obama has won re-election, investor Jim Rogers told CNBC on Tuesday.

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Just moments before Obama was projected to prevail in his bid for a second term against Republican challenger Mitt Romney, Rogers sharply repudiated both candidates, calling them both "evil". (Read more: Obama Re-elected as Crucial Ohio Goes His Way.)

The co-founder of the Quantum Fund said he expected Obama's policies to drive up commodities and drive down the U.S. dollar.

As the Federal Reserve moves to stimulate a stalled economy through debt purchases, Rogers says markets should expect the status quo to remain the same.

"If Obama wins, it's going to be more inflation, more money printing, more debt, more spending." Rogers told CNBC, saying he expected to sell U.S. government debt and buy precious metals, such as gold. "It's not going to be good for you me or anybody else."

"It looks to me like the money printing is going to run amok now, and spending is going to run amok now," Rogers stated. "I have to invest based on what's happening and not what I would like."

Rogers said that he didn't vote for either Romney or Obama, saying that "they're both evil as far as I'm concerned."